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TEST # 2 Instructions Using the information provided to you below for the new start - up restaurant, Adib s Burgers and Chicken ( or
TEST #
Instructions
Using the information provided to you below for the new startup restaurant, "Adibs Burgers and Chicken" or ABC for short students must complete the following ledgers, and answer the following associated questions:
The business' opening Balance Sheet
Year Income Statement
End of Year Balance Sheet
Year Statement of Cash Flow
Good Luck!
Opening Account Balances
The business currently holds a cash balance of
Company holds s worth of inventory at all times
All appliances owned by business; estimated total value of
China and glassware valued at
equipment, furniture and fixtures estimated value of
prepaid FIRST AND LAST months rent at per month in year we'll pay months of rent, and keep only the LAST month on the balance forever
We own a new catering truck, valued at $
we have accumulated in accounts payable
End of Year
Earned total Revenues of Million burgers, chicken, soft drinks and side dishes, and the rest is merchandise
At the start of the year, we take out a NEW Bank Loan of with a fixed interest fee of The term on the loan is years, and payments begin this year
Cost of goods sold' food and beverage cost was
Costs of merchandising merchandising costs are an average of
Salaries paid at $
Other operating expenses at
Rent payments are made
Holiday Bonus given to each employee at the end of the year of $ there are employees
Monthly payments towards loan
Accounts payable settled from last year, and new balance of is incurred
increase inventory pars each year by
Tax Rate is last year balances are paid in current years
of Profit paid out in dividends
The rate of dep. on the truck is year
Glassware and china depreciate at year
All other fixed assets depreciate at year
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